Maseco Private Wealth, a Mayfair, London-based wealth manager which specialises in looking after American expatriates, has opened an office in Hong Kong, to cater for the wealth planning needs of US expats there and in the Asian region.
The office is being headed up by Mark and Ashley Scher, a husband-and-wife team who are themselves US expatriates, from the state of Michigan. They began working for Maseco in London in 2010, with Mark having conducting research on the Asian market from there recently, which culminated last month in Maseco having been given regulatory approval by the Hong Kong regulator to operate there.
Maseco Asia Ltd will do business in Hong Kong as a discretionary fund manager under a Type 9 license with the Securities and Futures Commission of Hong Kong, the company said in a statement today. It said it will offer US- compliant solutions, which simplify tax reporting and accounting for American citizens and Green Card holders who live outside of the US.
Maseco Private Wealth, the London operation, remains a separate entity, although it said it is supporting its Asian partner business.
Founded in London in June, 2008, by four partners, three of whom remain with the business (Joshua Matthews, James Sellon and Emilia Chachulova), Maseco PW currently has around US$1.1bn of assets under management and looks after more than 400 families, primarily from the UK, US and throughout Europe.
“Over the past six years, Mark and Ashley have been instrumental in Maseco Private Wealth’s growth and success,” the Maseco statement announcing the new Hong Kong office said.
“Being US expatriates themselves, they understand first-hand the financial and tax complexities Americans face when living abroad.”
Co-founder and Maseco Private Wealth managing partner James Sellon added that for the company, expanding into Asia “was the logical next step”, and noted that at the moment, at least, there are not many wealth managers in the region catering specifically to American expats.
Globaleye has an office in Hong Kong where Americans are looked after by an American expat specialist, while in Bangkok, another husband-and-wife partnership, that of Chad and Peggy Creveling, of Creveling & Creveling, looks after Americans there.
The new Maseco office in Hong Kong is located in the United Centre complex, near Admiralty on Queensway.